Transparent, ultradrawn, ultrahigh molecular weight polyethylene (UHMWPE)/graphene nanocomposite films with a high thermal conductivity are successfully fabricated by solution-casting and solid-state drawing. It is found that the low optical transmittance (<75%) of the ultradrawn UHMWPE/graphene composite films is drastically improved (>90%) by adding 2-(2H-benzontriazol-2-yl)-4,6-ditertpentylphenol (BZT) as a second additive. This high transmission is interpreted in terms of a reduced void content in the composite films and the improved dispersion of graphene both of which decrease light scattering. The high thermal conductivity is attributed to the π–π interaction between BZT and graphene. In addition, a high specific thermal conductivity of ≈75 W m−1 K−1 ρ−1 of the ultradrawn UHMWPE/graphene/BZT composite films is obtained, which is higher than most metals and polymer nanocomposite. These transparent films are potentially excellent candidates for thermal management in various applications due to a combination of low density, ease of processing, and high thermal conductivity.